A month has gone by since the last earnings report for ManpowerGroup (MAN). Shares have added about 23% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Manpower due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. ManpowerGroup Surpasses Q3 Earnings & Revenues EstimatesManpowerGroup reported better-than-expected third quarter 2020 results.Quarterly adjusted earnings of $1.20 per share beat the consensus mark by 90.5% but declined more than 37.5% year over year. Revenues of $4.58 billion beat the consensus mark by 8.7% but declined 12.7% year over year on a reported basis and 14.5% on a constant-currency basis.Segmental RevenuesRevenues from America totaled $929.1 million, down 15.1% year over year on a reported basis and 11.2% on a constant-currency basis. In the United States, revenues came in at $578.8 million, down 13.1%. In the Other Americas subgroup, revenues of $350.3 million decreased 18.2% on a reported basis and 8.2% on a constant-currency basis. Americas contributed 20% of total revenues.Revenues from Southern Europe were down 10.4% on a reported basis and 14.7% on a constant-currency basis to $2.1 billion. Revenues from France came in at $1.2 billion, down 13.1% on a reported basis and 17.3% on a constant-currency basis. Revenues from Italy were $351.2 million, down 6.8% on a reported basis and 11.3% on a constant-currency basis. The Other Southern Europe subsegment generated revenues of $555.9 million, down 6.5% on a reported basis and 10.7% on a constant-currency basis. Southern Europe contributed 46% of total revenues.Northern Europe revenues slid 18.8% on a reported basis and 21.6% on a constant-currency basis to $947.7 billion. The segment accounted for 21% of total revenues in the quarter.APME revenues totaled $595.6 million, down 5.4% on a reported basis and 6% on a constant-currency basis. The segment contributed 13% of total revenues.Operating PerformanceGross profit in the quarter was $725.1 million, down 13.7% year over year on a reported basis and 15.4% on a constant-currency basis. Gross profit margin came in at 15.8%, down 20 basis points (bps) year over year.The company incurred operating profit of $61.6 million down 71.6% year over year. Operating profit margin declined 280 bps year over year.Balance Sheet and Cash FlowManpowerGroup exited the quarter with cash and cash equivalents balance of $1.6 billion compared with the prior quarter’s $1.4 billion. Long-term debt at the end of the quarter was $1.1 billion, compared with the $1 billion witnessed in the preceding quarter.The company generated $119.6 million of cash from operating activities, and Capex was $11.6MILLION in the quarter.Q4 GuidanceThe company expects revenues to be down 10% to 12% on a constant-currency basis. Earnings per share is anticipated to be in the range of $1.06 to $1.14.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed an upward trend in estimates revision. The consensus estimate has shifted 13.75% due to these changes.VGM ScoresCurrently, Manpower has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with a D. However, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Manpower has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ManpowerGroup Inc. (MAN): Free Stock Analysis Report To read this article on Zacks.com click here.